Abstract
The article discusses the conceptual foundations of riskbased internal audit, basic terms and definitions. The topic of the article is relevant given the development of corporate governance practices in Russian companies in accordance with the recommendations of the Corporate Governance Code. The International Framework for the Professional Practice of Internal Auditing defines the mission of internal audit as preserving and increasing the value of the organization by conducting objective internal audits based on a risk-based approach, providing advice and sharing knowledge. The material of the article is presented taking into account the current regulatory framework, international auditing standards, the International Foundations for the Professional Practice of Internal Auditing, and expert explanations.
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